at Calculated Risk on 11/21/2024 10:00:00 AM
From the NAR: Existing-Home Sales Grew 3.4% in October; First Year-Over-Year Gain Since July 2021
Existing-home sales rose in October, according to the National Association of REALTORS®. Sales improved in all four major US regions. Year-over-year, sales increased in three regions but were unchanged in the Northeast.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).
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Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in October (3.96 million SAAR) were up 3.4% from the previous month and were 2.9% above the October 2023 sales rate. This was the first year-over-year increase since July 2021.
According to the NAR, inventory increased to 1.37 million in October from 1.36 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 19.1% year-over-year (blue) in October compared to October 2023.
Months of supply (red) decreased to 4.2 months in October from 4.3 months the previous month.
The sales rate was above the consensus forecast. I’ll have more later.